Political Quotes

“Mr. President, Senator Bond, Senator Riegle, Senator D'Amato, and I are offering an amendment to S. 1275, the Community Development Credit Enhancement, and Regulatory Act of 1993 which will greatly improve our efforts to combat money laundering. This amendment will reduce the number of currency transaction reports banks are required to file, while making the process more effective at identifying suspicious customer transactions. This amendment is based on the text of S. 1664 and a House companion bill (H.R. 3235) introduced by Congressman Gonzalez. I want to commend Congressman Gonzalez for his leadership in this area. Yesterday, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on this antimoney laundering legislation. The testimony gave compelling evidence as to why this measure is necessary. The Department of Treasury, General Accounting Office and various industry groups testified in favor of the legislation. The Bank Secrecy Act is widely viewed as an important part of the Federal Government's efforts against money laundering, particularly as it relates to the drug trade.”